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Bitcoin Erodes Post-Election Rally Amid Technology Stock Selloff
Bitcoin fell to around $76,500 on Thursday, down nearly 5% from its post-election high, as a technology stock selloff spread to cryptocurrencies. Ethereum and other major tokens also declined, with roughly $428 million in crypto longs liquidated in one hour. The selloff affected about 90% of the top 100 cryptocurrencies, and Wall Street indices also declined, with the S&P 500 losing about 2.6% and the Nasdaq dropping nearly 4%. Analysts attribute the decline to concerns over AI spending and interest rates, as well as potential scrutiny on aggressive AI buildout due to new political configurations in the U.S. jurisdictions.